Ethereum Breakdown Looks like the Real Deal, $1K Is The Key


Ethereum is up, trading at less than $1,150 against the US dollar. ETH can drop significantly if there is a close below $1,000.

  • Ethereum started a new decline below the $1,200 and $1,150 levels.
  • The price is now trading below $1150 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $1,145 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to decline if there is a close below the $1,085 level.

More Ethereum price drops

Ethereum fails to stay above $1200 and Moved to landing zone. ETH followed a downtrend and fell below the $1,150 support area.

There was a clear move below the 61.8% Fib retracement level of the recent major increase from the $1,076 swing low to $1,275. The price is now trading below $1150 and Simple moving average per 100 hours.

It is also trading below the 76.4% Fib retracement level of the recent major increase from the $1,076 swing low to $1,275 swing high. However, there is a major support near the $1,085 level. If the price of Ether remains above $1,085, the price may correct higher.

There is an immediate resistance on the upside near the $1,130 level. The next major resistance is near the $1,150 area. Besides, there is a major bearish trend line forming with resistance near $1,145 on the hourly chart of ETH/USD.

Ethereum price

Source: ETHUSD on TradingView.com

The next major barrier is near the $1,200 level, above which the price may gain strength. In the mentioned case, the price may rise towards the $1280 resistance area.

More losses in ETH?

If Ethereum fails to rise above the $1,150 resistance, it may continue to decline. There is initial support on the downside near the $1,085 region. The next major support is near the $1050 area.

A break-down below the $1,050 support level could push the price even lower. In the mentioned case, the price may drop towards the $1000 level. Any further losses below the $1,000 level could set the pace for a sharp decline.

Technical Indicators

MACD per hourETH/USD’s MACD is gaining momentum in bearish territory.

Hourly RSIThe RSI for ETH/USD is now well below the 40 level.

Key Support Level – $1,085

Key Resistance Level – $1,150



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